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Spring / Summer 2014
Spring/Summer 2014
Galina Oleynik
Boston Consulting Group Columbia Business School
Leonardo Banegas
KPMG Advisory Singapore
ESSEC
Andrew Selves
Entrepreneur Imperial College Business School
MBA Hiring Trends
Global Workplacecareer eGuide
Join our group Follow us @QS_Talent
Global MBA Salaries on THe RiSe
What employers are looking for in Todays economy
Alumni diaries
Connect with international employers & progress your career
For more information visit www.qs.com/globalworkplace or email [email protected]
QS Global Workplace helps business school students to stand out
Create an effective online profi le to showcase your skills and experience
Get found by employers looking for graduates from top business schools
Search more than 30,000 full-time and internship positions
Discover people in your LinkedIn network relevant to jobs that interest you
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Explore Leadership and Development programs from top global companies
Access advice on interviews, CVs and psychometric testing
|
4 QS Global Workplace Career eGuide
Following a period of global economic turbulence, the value of an MBA from a top business school for ones career has remained a constant. The findings of the latest QS TopMBA.com Jobs & Salary Trends Report based on a global survey of 4,300 actively hiring MBA employers shows that MBA job opportunities have risen by 14% globally.
Naturally there is huge variance from region to region and industry to industry. Popular employment sectors come under the microscope as we look in more detail at relevant trends, and delve into what employers are looking for in todays economy and what the future holds for traditional and up and coming sectors.
We look at global salary trends, focusing on differing levels on compensation around the world, and comparing the expectations of ambitious MBA applicants to the reality of what is being offered and post-study work visas.
What better way to see the value of the MBA by turning our gaze to three alumni, who share their stories as well as show us how they used their degrees to achieve outstanding professional success. We aim to provide our members with access to key information that help you make informed choices regarding your career. Youre well on your way to reaching your career goals and QS Global Workplace wishes you every success in finding your dream job.
Editors DeskMeet the Team
If you have any comments or feedback wed love to hear from you
Feature writersMansoor IqbalAdam CarstensAnn GrahamElke Schwarz Dawn Z BournandDaniella Rubinovitz
Ian LynesBusiness Director Corporate enquiries, Media Partners and partnerships, MarketingEmail: [email protected]: +44 (0) 20 7284 7259
Ifi EkongRelationship Manager Business Schools & Universities, General & Technical helpEmail [email protected] +44 (0) 20 7284 7230
Vlad CopaciuOnline Marketing & CommunicationsBusiness Schools & UniversitiesEmail [email protected] +44 (0) 20 7284 7224
6 The Top 10 Countries for MBA Salary Levels List based on the QS TopMBA Jobs & Salary Trends Report 2013/14
8 MBA Life in Focus: Six Months at Business SchoolA visual look at some of the exciting happenings at business schools the world over
12 Q&A with ESSEC Alumnus Leonardo Banegas From native Central America to Singapore, via a global MBA
14 From Columbia Business School to Boston Consulting Group Galina Oleyniks success story
16 MBA Skills in the Public Sector
Systems engineer Andrew Selves explains how his career has evolved after earning his MBA from Imperial College Business School
18 What Top Employers are Looking for in Todays Economy The view of Adam Carstens, director of research at Hult International Business School
20 Global MBA Salary Levels on the Rise The strongest growth in MBA salary occurred in emerging markets, the QS TopMBA.com Jobs & Salary Trends Report reveals
22 MBA Salary: Expectations vs. Reality Comparing the aspirations of MBA applicants with the figures reported by employers
25 MBA Jobs: What Does 2014 Hold? The latest QS report shows a 14% global rise in the number of MBA jobs across the globe
28 Post-Study Work Visas for MBA studentsThe regulations surrounding PSW visas in ten of the worlds most popular study destinations
32 Careers in Finance Confidence is returning to a chastened financial sector in the post-crash landscape
34 MBA Careers in Consultancy: Whats in Store for 2014? The sector has become a gold standard in terms of career trajectories among freshly minted MBAs
36 Soaring Demand for MBAs in the Global Technology Sector Technology continues to be a key driver for job creation and growth
38 MBA Hiring Trends: Up-and-Coming Sectors The Energy and Pharmaceutical are highly dynamic industries which seek MBA talents
40 Eastern Europe Set for MBA Hiring Boom
42 India and the Middle East Attracting Both Local and International MBAss
44 Demand for MBAs Flourishes as Asias Rise Continues
46 Art as a Tool for Business
48 14 Ways to Enhance Your Online Presence 2014
50 Engage to Create a WORKPLACE that You, Your Co-workers and Your Customers LOVE
52 CAREER COACHING a new essential for EMBA programs
54 Africa: A Region to Watch
Contents
QS Global Workplace Career eGuide 5
There are, of course, large variables in the global market, the consequence of which is that MBA salary levels are considerably higher in certain leading economies than they are in others.
So, for those looking for the
highest MBA salary levels, here
is a list of the top 10 countries
for MBA salary and bonus levels
based on the QS TopMBA Jobs &
Salary Trends Report 2013/14.
Australia
In the Asia-Pacific
market, Australia
remains a key
player and boasts the top average
compensation for MBA jobs at
US$133,100. While average salary
levels are much lower than in
Switzerland, this is made up for
with big bonuses averaging over
US$15,000. The strengthening of
the Australian dollar plays a part
in this. But the key factor is the
competitive market, which seeks
to hire the finest multinational
MBAs from leading business
schools across Asia, meaning that
employers are prepared to pay out
to secure the best graduates.
Switzerland
At a time of
austerity in
Western Europe,
Switzerland saw a slight decrease
in MBA salary, but continues to
head up the European tables, with
average remuneration standing at
US$129,700. This average rate is
a reflection of the strengthening
of the Swiss currency, but more
importantly is due to the relocation
of many multinational companys
headquarters, away from places
like London or Frankfurt, to
Switzerland in order to reduce
corporate tax bills and this has
led to an increased requirement
for MBA graduates in the country.
Denmark
Second in
the Western
European market,
Denmark reports consistently
high MBA salaries and is the
first in this list to present an
increase in overall compensation,
which averages at US$121,400.
Unlike Switzerland, tax rates
are much higher in Denmark but
interestingly this year corporate
tax has been cut from 25% to 22%,
slightly below the UKs current
rates. This can be read as part of
a drive to make the country more
appealing in the global business
market, the result of which will be
the creation of MBA jobs as well as
improved salaries.
UK
Businesses in
the UK continue
believe strongly
in the value that MBAs bring.
Accordingly, it stands fourth in
the world for MBA salary levels
(US$106,100). This confidence
seems justified. In the service
sector, MBA recruitment is seen
as a considerable factor in the
dominance of the industry in UK
economy. Banking however, which
also remains central to British
The Top 10 Countries forMBA Salary Levels
There are many advantages to studying an MBA, and not just in the prospects of growth within the MBA job market or career versatility. The generous MBA salary packages enjoyed by recent graduates are among the most celebrated of these, as are the prospects of further growth in this department.
| Editorial
6 QS Global Workplace Career eGuide
economy, is still yet to regain full
momentum in terms of MBA hiring
in the post-crash world. The UKs
position on the global business
education stage means that the
value enjoyed by those who work
there is also shared with those
who have studied or gained some
experience in the country.
France
The MBA market
in France has
been in decline
over the last decade. It is no
longer in the top 10 list for the
total number of MBA jobs. Despite
this, employers in France offer an
average overall MBA salary and
bonus of US$100,800 to their MBA
employees, meaning that it stands
at fifth in the world. Average salary
levels in France actually exceed the
UKs if bonus levels are discounted.
US
MBA demand has
been pretty flat
in North America,
but there are outlooks of up to 16%
growth over the next year according
to the QS TopMBA.com report. This
is seemingly due to the renewed
confidence in economic recovery.
This is echoed in Europe, which
means the potential for renewed
demand for MBA graduates from
employers across the globe is high
next year. However, looking to the
present, despite the slowdown in
growth, MBA salary levels in the
country remain high, standing
at US$98,300. It would not be a
surprise to see an increase in
employee incentives and salaries
accompanying next years
predicted surge in interest.
Brazil
In recent years
there has been
an upsurge in the
growth of MBA job opportunities
in Latin America, with Brazil and
Mexico leading the change. This
year Brazil saw a growth rate of
14% and a corresponding average
compensation level of US$97,200
as employers in the region
continue to utilize MBA graduates
as key assets in the competition to
internationalize their respective
companies. It seems they are
more than willing to pay out for
graduates valued skills.
Germany
Although MBA
salary levels in
Germany are
significantly lower than that
of Switzerland, coming in at
US$93,700, this is not necessarily
representative of an equal
lack of demand. Rather, this is
due to the fact that more MBA
employers in Germany are hiring
internationally from Asia and the
Indian subcontinent reflecting the
German economy which thrives
on the demand for German goods
in Asia. Subsequently demand
for Asian MBAs to join German
companies and vice versa in order
to maintain strong global, money-
making relationships, is high.
Spain
Hit hard by
austerity, Spain
has seen a 16%
contraction in the demand for
MBA jobs this year but remains
in the top 10 for overall MBA
salary and bonus levels which sit
at US$92,900 on average. There is
good news on the horizon for MBA
job availability though, with a
forecast of 6% growth in demand
in 2014. We can expect this to be
reflected in future salaries.
Canada
Lastly is
Canada with an
average overall
compensation of US$91,600. Along
with the US, Canada is forecast to
see a 16% growth in demand for
MBA graduates which will see a
huge shift in hiring confidence
from both local and international
companies. Big employers are
recovering from the dip in the
economy, particularly in the
financial services, and are keen
to hire new MBA graduates. This
will undoubtedly lead to increased
wage prospects and career
progression.
QS Global Workplace Career eGuide 7
|
8 QS Global Workplace Career eGuide
MBA Life in Focus:
Louise Ronnerdahl, MBA 2104 INSEAD
The last months have been intense, challenging yet magical. I
have learned so much. There is more to pursuing an MBA than the
academic experience and the dream job you will hopefully land
at the end. As I have come to learn, the most inspiring and unique
part is the people that you meet, and it amazes me everyday how
much you can learn from people from 84 different countries,
with different cultural norms, experiences and outlooks on life.
This is noticeable every day at INSEAD, but became particularly
apparent during our National Week Voting Day; a day to truly
embrace and celebrate diversity, where the students dress up
in their national costumes, share their local food and cultural
highlights. There were 300 people mingling together in a
conference hall and the positive energy in the room could have
made the ceiling collapse. I remember thinking to myself, a day
like this can only be experienced at INSEAD.
Six Months at Business SchoolDespite what some critics will tell you, MBA programs are designed to be an enjoyable and rewarding time for all concerned. The Top MBA Career Guide takes a visual look at some of the exciting happenings at business schools the world over
| Editorial
Kushagra Bhatia, AGSM MBA class of 2014
I only had one year off work to study, so I was always looking
to do something extra. I got involved with the ASPIRE
program, for which we went along as representatives of
business studies to Dubbo, a relatively underprivileged town
from which not many people go to university. Our goal was
to try and show kids that there is a different path. We had a
lot of interest around 60-70 students from 10 schools got
involved. We decided to do our session in the style of Dragons
Den, putting students in small groups, and assigning them
each a role. Their job was to design and paint a t-shirt to be
sold at Dubbo Zoo, a major tourist attraction, choosing to use
cheaper or nicer paint, and then negotiating a price with us. The
students loved it we got one of the highest ratings.
QS Global Workplace Career eGuide 9
Copenhagen Business School
The Leadership Discovery Process at CBS is a personal journey
to discover and refine your leadership style. It heightens
awareness of your strengths, weaknesses, blind spots,
communication preferences and values. Through a combination
of lectures, peer-to-peer coaching sessions, mentoring by
executives, and on-going self-reflection, you develop a true
understanding of yourself and your leadership style as well
as how to appreciate the differences in others .
The final capstone of the year-long course is a multi-day
leadership simulator conducted somewhere outside of
Denmark where you have the opportunity to learn by
doing. Through a series of outdoor activities, you take
turns to perform as a leader and then receive feedback from
your peers as well as coaches in the areas of teamwork,
communication, interpersonal skills and leadership skills.
Tuck School of Business Dartmouth College
Over the past few months, teams of first-year students at the
Tuck School of Business have participated in 66 projects for 15
organizations through Tuck Student Consulting Services (TSCS). The
student-run group connects MBA candidates with local businesses
and non-profit organizations through volunteer consulting
projects. TSCS provides students with real-world experience in
consulting, the opportunity to apply their business skills, and a
chance to give back to the local Upper Valley community. Student
teams work with 10-20 organizations each year on key business
issues.
Consulting engagements range from operations to marketing to
strategy, with TSCS teams striving to deliver recommendations
that are relevant and impactful. Many of these organizations
are recurring clients and represent a wide range of industries,
including education, health care, manufacturing, energy,
and transportation to name a few. Students do not receive
compensation or academic credit. TSCS services are 100 percent
pro bono; local businesses and non-profit organizations can benefit from and
access the fresh perspectives and diverse knowledge of graduate business
students from Tuck.
|
10 QS Global Workplace Career eGuide
NUS Business School National University of Singapore
Theres communication. Theres business communication. And
then theres business management communication. Learning
the difference could be the key to being a successful business
leader.This is the reason why Management Communications
(MC) module, a core requirement for completion of NUS MBA
at NUS Business School, is one of the most challenging and
fulfilling experiences for our students.
The MC module is a week-long, unique, experiential learning
course custom-designed for NUS Business School by LinHart
Group, a leadership services firm specializing in counseling
CEOs, corporate boards, owners and senior executives.
Through mock networking sessions, role plays, group and
individual class exercises and round table discussions, the
course helps students become influential leaders by focusing
on new principles and ways of looking at business leadership.
The students are pushed outside their comfort zones, and
asked to grapple with situations far from their experiences.
Matt Brendle MBA Class of 2014 IESE
I decided long ago that social responsibility in business
was not an option, but an obligation. Fortunately this
is an ethos that Ive been able to build on and share
during my time in the MBA. In the second year of the
MBA at IESE, youre given more freedom to shape your
desired career path, not only through electives (coming
from a finance background I selected courses focused
on Marketing and Operations to give myself a more
rounded experience) but also through the opportunity
to lead student clubs so its no surprise that I
decided to head the Responsible Business Club. As the
President of this club I get a unique opportunity to
chair the largest student run event in Europe on social
and sustainable issues, the Doing Good & Doing Well
Conference.
As I approach the end of my MBA at IESE I can certainly look back and feel proud of all the
opportunities that have been presented to me and feel confident that I have the tools to return
to a better world of responsible business.
QS Global Workplace Career eGuide 11
Ayu Dewi Duke University, The Fuqua School of Business Candidate for MBA, Class of 2015
Duke-Fuqua is one of the few business schools to include
improv classes. Why? Because much of what you learn in
improvisation will help you become a successful business
leader.
Here are a few things I learned:
Courage: Public speaking is not a problem, but being on
the stage in a crowded bar doing improv is scary. Im glad
I said yes, and to this opportunity
Preparation: I have been playing improv games in dinners
and even before internship interviews to increase my
energy and reduce anxiety
Youre Always On Stage: Having the mindset of being on the stage all the time enables me to slow
down and speak more clearly
Be in the moment: I used to worry too much about what I should say next. After improv, I learned
that any conversation is a two-way journey and that I dont have to do all the work
Shereen Chalak, MBA 2013 INSEAD
It hit me that I have lived in 4 cities over the past year. But its not
just me. INSEAD MBAs exchanging campuses would have lived in
a minimum of 3 cities in a year. With each move, I feel aversion,
fondness, love and separation anxiety when I have to leave again.
This cycle is much faster at INSEAD. Living in Singapore is quite
interesting. Life is dictated by the city, its massive towers, gorgeous
rooftops, great restaurants and easy access to the rest of Asia. But
just when it starts to feel right and gets a bit comfortable, when
its no longer about discovery, its time to pack and leave.
The beauty of going through this cycle at INSEAD is that youre
with more than 300 students who have made the same choices
for the thrill that comes with change. The next adventure is
coming up and this time, Im taking with me lots of amazing
memories of Singapore.
1. What made you decide that you needed to get an MBA?
After working more than four
years at Citibank in Central
America, I felt the need to expand
on my academic and international
experience, particularly in Europe
and Asia.
The MBA was the perfect step in
my career; it gave me the tools and
general knowledge to perform at
higher levels in organizations.
2. Why did you choose ESSEC?
I am pursuing an international
career so I had to do something
global. The Global MBA at ESSEC
offered me exposure to business
in Europe, Asia and Africa, so it
definitely met my requirements.
Besides this, ESSECs reputation
in Europe and its extensive alumni
network were key drivers of my
decision.
I applied to four programs. Apart
from ESSEC, I applied to INSEAD,
HEC Paris and IE Business School
in Madrid. I was accepted at IE,
but decided against it because the
program had a high percentage of
Latin Americans and being with
more Spanish-speaking people
was exactly what I did not want.
ESSEC was the right place at the
right time.
3. What did you gain from your MBA?
During my MBA I spent time in
six different countries France,
Singapore, South Africa, the
United Arab Emirates, Germany
and India not only taking
academic courses, but also
visiting companies, creating
social enterprises for global
competitions and completing my
international immersion projects,
where I had the opportunity to
work for one of the biggest IT
companies in India for eight
weeks.
One of the other most enriching
experiences of my MBA was the
diversity of the class, which
included people of 14 different
nationalities! There were people
from Qatar, India, Mexico and
China, people who had served in
the military in Afghanistan, people
who had PhDs. This all enriches
the Global MBA experience and
the discussions we had made it
clear that cultural factors are
important when doing business
internationally.
4. How did your MBA prepare you for your current role at KPMG, both day-to-day and on a higher level?
Before the MBA I had a rough
knowledge of private equity and
valuation models for M&A. Now,
after my financial courses, I have
Q&A with ESSEC Alumnus Leonardo Banegas
After graduating from ESSEC Business School in September 2013, Leonardo Banegas, from Honduras, joined KPMG Advisory in Singapore, as part of the Operation, Synergy, Separation & Integration Team. He speaks to Mansoor Iqbal about what he learned from his MBA, why he chose to study in France and the benefits of gaining international exposure.
12 QS Global Workplace Career eGuide
| Alumni Profile
the confidence to discuss and
challenge any initiative in my
day-to-day work. My personal
experience in integration in
combination with the broad
general knowledge of the MBA
allows me to do business
development consulting in a
variety of sectors.
As part of the Global MBA program
at ESSEC, we examined the
differences between business in
developed countries and emerging
countries, complemented by
rigorous finance courses that
trained us in the M&A processes.
Both of these competencies are
required in my new role, where
we see many corporations from
developed economies completing
acquisitions in these fast-growing
regions!
Additionally, during my MBA we
spent five weeks in Singapore,
where we visited many companies
and got a clear view of the
economic situation in the region,
which helps when you are
developing business not only in
Singapore but also the rest of the
ASEAN countries.
5. Tell us a bit more about your time in Bangalore.
My International Immersion
Project was one of the most
exciting parts of my MBA. I went to
India to work for one of the biggest
IT players in India. I experienced a
giant company from an emerging
market doing business mainly in
developed countries, which gave
me a different perspective on
doing business.
I was doing research and analysis
of the innovations process for
microfinance institutions (MFIs)
globally, and guiding MFIs on how
to develop successful innovations
for the base of the pyramid.
The challenge was to deliver
a foundation for developing
innovative products and business
models which would allow MFIs
to meet the needs of low-income
segments in a sustainable way.
I had the opportunity to learn
about the operations of the MFIs
and work with with the CEOs of
microfinance institutions from
India, Latin America and some
countries of South East Asia.
6. Are you where you thought you be after your MBA?
Before my MBA, I lived two years
in Taiwan. I was open to starting
my post-MBA career in Europe
or Asia. During my job search I
was focusing in consulting as my
priority and I was targeting most
of the 1st and 2nd tier consulting
companies.
7. Tell us something about your non-academic MBA experience.
A result of the diversity of the
class was that every dinner
organized with my classmates
was exotic from amazing cheese
and wine tasting to Chinese and
Russian dishes. Of course, one
has to mention the beauty of Paris,
where there were so many cultural
activities to do, and restaurants
and bars to visit.
One of my favorite memories of
my MBA was a social business
competition, to which we had to
dedicate extra time in addition
to our normal curriculum. In this
competition we had to face global
challenges such as the food crisis
in urban slums and present our
proposal in Dubai.
8. What are your future plans?
I expect to progress in my career as
a consultant and in the long term I
expect create my own businesses
here in Asia or even Europe.
9. What advice would you give to future MBA candidates, particularly those from Central America?
Be curious and get out of your
comfort zone (in non-English
and non-Spanish speaking
countries). Try to study in two
or three different continents
to get wider perspectives and
experiences. Analyze the strengths
of the programs and quality of the
faculty, so you make sure you are
making a good investment.
QS Global Workplace Career eGuide 13
I was in private equity before I started at Columbia. At that time, only one year after the Lehman Brothers crash, it was clear that gloomy times were ahead for the PE industry, so I wanted to try something different my ambition was to get into my dream sector, hospitality. Little did I know back then that hospitality was hit even harder! After numerous interviews to gather information, unpaid assignments and two planned internships with hotel management companies falling through, she thought it prudent to put her dream aside for the time-being.
Instead, she re-entered the
investment space, working as a
strategy intern for a VC-backed
tech company in New York. To spice
things up, she also spent a week
in Uganda completing a small
student consulting project for a
local microfinance organization.
After her degree, she secured a
position at the Boston Consulting
Group. The intrinsically
international nature of working
for the consulting giant really sold
it to her as career. My personal
circumstances changed overnight,
and I realized that I had to go
back to Russia after business
school, which led me to ask what
I could do there which would be
both challenging professionally
and global. My whole career has
been international, so I could not
imagine working in a local business
with only local people. Consulting
is a good place to be if you are keen
on a global flavor, and there are few
firms more international than the
Boston Consulting Group.
Columbia Business School: Location and more
It was this same desire for
international experience which
started Galina on her path to
From Columbia Business Schoolto Boston Consulting Group
Consulting was not on Galina Oleyniks radar when the young Russian woman enrolled at Columbia Business School back in 2009.
14 QS Global Workplace Career eGuide
| Alumni Profile
Columbia Business School. I
always wanted to study abroad,
but I never even considered
European schools. I thought, if
one wants business education, one
should go to the country where it
was invented. I also was certain
that two years were better than
one, so wasnt concerned about
the extra year of earnings Id lose.
Thats not to say I didnt take a
pragmatic approach, but I didnt
consider this a downside when
stacked up against what Id gain.
Columbia Business School offered
one major advantage over the
other schools she was considering:
If you ask people from Columbia
why they chose it, they always say
location and I wont deny how
important this is, particularly
career-wise. In New York, every
major company you can think of is
at your doorstep and Wall Street is
a short subway ride away.
The Columbia MBA: Shaping your own curriculum
One of the things she appreciated
the most was the opportunity to
exempt core classes by passing
exams to demonstrate existing
competence. The Columbia MBA
is one of the few programs that
let you do this. This left me with
a lot of empty slots which meant
I could shape my own curriculum
from day one. I took a class in
real estate finance every semester,
which I could never do in Russia,
layered with a bunch of soft skill
courses and topped off with CBS
specialties and parts of the value
investing program. It really shaped
my experience and meant that there
was no frustration learning things
I already knew. Consequently,
Galinas learning experience
was consistently interesting
(and useful) something not
everyone she knew who attended
a prestigious American business
school could say
The aforementioned soft skill
classes were a particularly
edifying element of the Columbia
MBA, Galina found. At times
these courses really push you
beyond your limits. When you
graduate from university with
an undergraduate degree, you
concentrate on hard skills at first,
learning how to persuade people
with facts. But you dont pay much
attention to how the message is
conveyed, and how people perceive
you.
What advice would she give
the aspiring MBA candidate, to
ensure that they become better
professionals after an MBA? Make
sure you know exactly what you
want to get out of your MBA. Its
a highly-charged time that is full
of opportunities. If you go to find
your dream job, youll land it, if
you do everything you can to get
it. If you want to learn something
youve never known before, you
will. Even if you go to get married
to a great person or just to have a
good time, you will but you might
not get much more than that. So
stay sincere, focused and precise
with what you want youve been
selected by the program exactly
because they know that you are
able to achieve anything.
QS Global Workplace Career eGuide 15
Systems engineer Andrew Selves interest in leadership and organizational behavior was piqued while working for the UK Ministry of Defence in aircraft flight-testing, and then procurement roles, roles required him to work a good deal in US and European organizations.
Working with people from
other cultures made me see the
importance of organizational
behavior. The way people worked
together was generally a good
indicator of which parts of the
aircraft design were likely to be
successful. Theres an interesting
link between behavior and
engineering technology risk.
From this observation, he
continues, he was led to think
about innovation, and how it could
be encouraged and facilitated by
leadership. But he acknowledged
that he had reached the limit of
what he could understand as a
self-labeled amateur and wanted
to look at these issues in a more
systematic and well informed
way as one might expect from
someone from an engineering
background.
I wanted to understand in a more
rigorous way how organizations
can work and what is helpful for
innovation and entrepreneurship,
particularly in the public sector
where value is more than just the
year end balance sheet. An MBA
would give me the opportunity
to study with people from other
cultural and business back
grounds, as well as looking at
technical MBA skills.
He chose Imperial College Business
School, attached to the prestigious
STEM University at which he
had studied as an undergraduate
20 years prior, because of its
culture of entrepreneurship and
diversity of nationalities. The
Imperial MBA is quite strong on
how you exploit good science and
engineering ideas and actually
adapt them to a real marketplace
so they are effective and adopted.
How to turn a bit of science that
has no commercial prospect into
something that is a commercial
attractive proposition, can make
a return on investment, and
therefore have an impact in the
real world?
The public sector as a customer
He naturally managed to get his
hands dirty, getting together
with a patent lawyer and a PhD
to develop a technology idea
which could radically change
treatment for those suffering with
oxygen-related conditions, called
saturation driven oxygen therapy
(sdot). He was driven by a desire
to see what the public sector in
this case the UKs National Health
Service was like as an adopter of
innovative technologies.
They won a business plan
competition and decided
to carry on, working with
regulatory bodies, service
contract companies, and medical
MBA Skills in thePublic Sector
An interest in organizational behavior motivated systems engineer Andrew Selves to do an MBA at Imperial College Business School in London
16 QS Global Workplace Career eGuide
| Alumni Profile
practitioners to develop their idea.
We had to work out how to appeal
to them in a way that would make
the technology relevant, adoptable
and cost effective in a marketplace
dominated by large original
equipment manufacturers.
They managed to get another
business plan competition win
under their belts, as well as the
Royal Academy of Engineering
Prize for Innovation. A patented
prototype entered clinical trial
stage, and was the first case study
for a new regulatory approach
for low cost medical devices
(MATCH). There has been a lot of
interest from original equipment
manufacturers. Our patented
approach is used in research and
potentially will be integrated
in commercial oxygen therapy
devices.
He also founded the Non-Profit
Club, with speakers from the
third sector who had effectively
combined hard commercial
delivery with a wider social benefit.
There are real opportunities in
seeing and understanding the non-
financial value you can create for
certain customers that transforms
the market.
He cites the example of the UK Met
Office. It operates in a way with
universities and researchers on
meteorological modeling, high end
computing research and delivers
a commercial service all in one go,
all while being only able to spend
what it earns. It would be a reach
for a purely commercial business
to have that sort of trust and that
level of relationship to deliver
what the Met Office deliver.
Indeed, the unique nature of the
public sector means that a special
skillset is required. Though there
are roles which require specific
expertise, many of the problems
we tackle are complex and
multidisciplinary. One must, to a
certain extent, be a generalist to
succeed in such management roles.
An agile set of MBA skills
On top of technical MBA skills,
gaining exposure to those with
different professional and cultural
backgrounds was one of the key
takeaways from the MBA for him.
I learned a lot from bankers and
management consultants and
those from media backgrounds.
I managed to get a really
good insight of how different
professional cultures set about
problems. When you take the time
to listen to what your colleagues
are saying, you see that they look
at information in a completely
different way. Theres a whole set
of assumptions about what else is
going on in that situation for it to
be true.
This diverse skillset has served
him well, since graduating. His
post-MBA career has taken him
from advising a defense minister
on the ownership of four trading
funds, which he describes as being
akin to managing an investment
portfolio with all the concomitant
challenges of recruiting, selecting
and motivating chief executives
and affiliate teams, to the National
Archives, where he helped the UK
Government move from paper
records to digital multi-media.
This also involved helping the
National Archives move from a
role where they selected which of
the Governments paper records
to preserve, to that of information
consultant, enabling digital
information to be exploited and
knowledge sustained.
It is the behavior of people in
organized groups which still
fascinates Andrew. How do you
set the conditions for change in
an organization in which liberates
individuals to perform, collaborate
and innovate with others, and be
collectively efficient to achieve a
greater good?
With his latest challenge taking
him to Stockholm, where he will
be leading defense engagement
with Nordic and Baltic nations, it
seems that questions about how
to help people collaborate will be
occupying him for the foreseeable
future.
QS Global Workplace Career eGuide 17
|
18 QS Global Workplace Career eGuide
To investigate this issue further, Hult Labs was established to research the effectiveness of business education today.
Our researchers interviewed CEOs,
senior executives, and hiring
managers at 90 top companies and
organizations around the world to
discover what they are looking for
in future employees and how Hult
can respond to this challenge.
What did the companies tell us?
They were mostly negative in
their opinion of both the process
and the products of traditional
business education.
They told us graduates need ten
critical skills to succeed in the
real world.
To deliver these skills, they
believe schools need to increase
opportunities for students to
gain real-world experience.
They believe schools should
place a greater focus on building
emotional intelligence within
these opportunities.
They want business school
faculty to have more real-world
experience to deliver these
experiences.
Specifically the companies wanted employees who possessed the following skills:
Self-awareness. Achieved by
students testing their limits and
failing, then persevering and
overcoming these challenges.
Integrity. One CEO said, There
are so many opportunities for
fraud and we cant control all
of those. So we have to rely on
individuals who have a deep
sense of personal integrity.
Cross-cultural competency. The
ability to behave productively
in different cultural settings is
critical, given the increasingly
global nature of business.
Strong team skills. Many
students graduate not knowing
how to work with others or
deliver and accept feedback.
Critical thinking. As one CEO
said, Students look at data and
dont ask, Whats it telling me;
what does it really mean? They
know the mechanics [of data],
but not what it really means, or
the context.
Communication. A Senior Vice
President told us, very bluntly,
[Students] need to be able to
cram 20 minutes of info into
five minutes, and focus the
rooms attention on the core
information.
What Top Employers are Looking for in Todays Economy
With more and more jobs requiring advanced level skills and the developed world facing an impending demographic crisis, employers today report a pressing need for a dependable source of talent equipped with these high-level skills. Companies are also increasingly skeptical of traditional business education and want to see this training better reflect the realities of the 21st Century.
Adam Carstens,Director of Research at Hult International Business School
| Advertorial
QS Global Workplace Career eGuide 19
What Top Employers are Looking for in Todays Economy
Comfort with ambiguity and
uncertainty. Students need to
show they can solve complex
challenges despite incomplete
data and would also benet from
more opportunities to grapple
with ambiguous problems.
Creativity. Companies need their
people to be able to create new
solutions to current problems
and will gladly pay a premium
for this skill.
Execution. Companies would
like students to be able to get
things done. Without the ability
to execute, all else is lost.
Sales. Graduates need to learn
how to pitch, persuade, and
obtain buy-in from internal and
external stakeholders.
In summary, companies feel the
traditional curriculum taught at
most business schools doesnt offer
enough opportunities for students to
practice and apply these ten critical
skills. Classes at traditional schools
often overemphasize functional
knowledge (e.g., accounting, nance,
marketing), when basic prociency
in these areas is sufcient. Moreover,
students at traditional schools are
seldom pushed beyond repeating
academic models through tests or
essays.
In response to these findings Hult
chose to completely revamp its MBA
program for 2014/2015 so that:
Less time will be spent on
learning theoretical concepts
and more time will be spent
putting those concepts into
practice through real projects
and simulated business
environments.
More time will be spent working
on professional skills such
as self-awareness through
individual coaching. Students
will receive access to what we call
Navigators who will help them
work through issues related to
their individual performance and
performance as part of teams.
Students will have more
chances to prove themselves to
potential employers through
projects such as the Hult Prize
(hultprize.org) and the Hult
Impact Challenge; a team-based
competition concluding in Davos,
Switzerland, where students will
have the chance to develop an
idea into a viable business.
Hults MBA program will therefore
devote more time to developing
the qualities employers want and
ensuring that our graduates are
job ready from day one. Hult is
disrupting traditional business
education and Hult Labs and its
research play a key part in that
effort.
Adam Carstens (Director of Research at Hult International Business School and Professor of Change Management)
Adam conducts original research
on new trends in business
education, and has helped design new learning approaches
in the classroom based on this research. Prior to Hult,
Adam led consulting engagements for Harvard Business
School Professor, John Kotters, consulting firm, Kotter
International. He was also the rst non-Japanese full-
time faculty member at Globis, Japans largest business
school in Tokyo. Previous roles also include acting as
a political aide for a U.S. Senator and Congressman in
Washington, DC. Adam holds an MBA from Thunderbird
School of Global Management.
Hult Labs: at the forefront of business education excellence
Hult Labs was created to research the effectiveness of
business education. Under the leadership of Dr. Mark
Fuller (Founder of Monitor, one of the worlds most
prestigious consulting rms, and formerly of the Harvard
Business School), Hult Labs partners with the academic
faculty at our global campuses to pilot cutting-edge
teaching methods and technological innovations.
The strongest growth in MBA salary and bonus levels occurred in emerging markets. An 8% increase in the Asia Pacific region, from $78,434 to US$85,076, is the standout figure, while the Middle East and Africa region saw a 5% increase from US$72,540 from US$76,457. Latin American salary and bonus levels remained stable at US$72,234, though with a 20% rise in average salary occurring between 2011 and 2012, this cannot be considered a negative outcome.
However, despite this strident
growth, the increased totals are
still eclipsed by the equivalents in
the traditional powerhouses of the
US & Canada and Western Europe.
Both saw a 4% rise in MBA salary
and bonus levels this year, with
average levels now standing at
US$109,200 and US$105,900.
While 4% might be considered
rather modest for these markets,
the subsiding threat of further
recession means that we could
well see a marked improvement
next year.
The story was less positive in
Central and Eastern Europe,
however, which was the only
region in which a decline occurred;
this years figure of US$72,109
represents a 5% drop on 2012s.
As in previous years, the country
with the highest MBA salary
and bonus figure was Australia
(US$133,100) followed by
Switzerland (US$129,700), with
Denmark climbing several places
to take third spot (US$121,400).
Perhaps the most obvious cause
of this largely upward trend is a
gap between supply and demand.
While employer demand has
tripled since 2000, there has been
no equivalent expansion in the
size of the graduating cohorts of
top business schools. Increased
numbers of MBAs in hiring
positions, whose experience
allows them to better understand
the value of the MBA, have also
played their part.
Base salary levels bolstered by bonuses
Over the past decade, the annual
QS TopMBA.com Jobs & Salary
Trends Report has shown great
year-on-year stability in base
salary levels. It is the considerable
bonuses on offer to MBAs which
have been the primary driver of
growth. As well as traditional
performance-related bonuses,
many employers are offering new
hires sign-on bonuses to help
cover MBA tuition fees.
The average first year bonus
offered by MBA recruiters in
Western Europe stands at a
not inconsiderable US$14,000,
while in the US & Canada region
employees can expect no less than
US$18,000. The highest reported
bonus in the 2013/14 report is a
gargantuan US$250,000.
Global MBA Salary Levels
on the RiseFor candidates with
a keen eye on their MBA salary, the 2013/14 QS TopMBA.com Jobs & Salary Trends Report contains plenty of good news. The global survey of 4,318 actively hiring MBA employers reveals that salary and bonus levels are up nearly across the board this year.
20 QS Global Workplace Career eGuide
| Editorial
These two regions also continue to
stand head and shoulders above
the rest of the world in terms of
average base salary levels, which
have risen 10% over the past
decade to stand at US$90,930; they
are still, however, lower than their
2008 peak of US$95,250.
Though it is some way behind, Asia
is the standout region in terms of
salary growth with base salaries
growing by 8% to US$71,635.
The figures that contribute to
this average base salary vary
greatly however, with salaries
offered in Australia and Japan
standing at roughly five times
that of economies of South East
Asia, where MBA salary levels are
among the worlds lowest.
Despite there still being a very
significant difference in base
salary levels between regions, the
gap between the bottom (Latin
America) and the top (US & Canada)
has closed over the past decade,
from 50% to 30%.
The report considers salaries
offered by both multinational
and domestic employers. In
every region, the former offer
considerably higher base salaries
than the latter. The difference is
greatest in Asia, where it is 27%.
In Western Europe it is 12%, and
in the US & Canada it is 13%. The
reasoning behind this is clear:
as business continues to become
increasingly global, multinational
companies do not want to drive
candidates away from regions
which are set to become key.
Finance and consulting salaries no longer lead the way
The report also breaks down
salary and bonus levels for the
US & Canada and Western Europe
down by industry, which makes
for some interesting findings.
Elite level finance and consulting
salaries and bonuses are on the
up top consulting salaries are in
the US$110-130,000 range, while
salaries offered by investment bank
can reach up to US$200,000 (though
the range has widened, with some
banks reining in compensation to
around US$90,000).
However, while a decade ago, these
industries offered MBA salaries
as much as 50% higher than other
sectors, they no longer lead the
way. The highest paying field in
these two regions is metals and
mining, in which MBA salary levels
stand at US$139,600, onto which
we can add an average bonus of
US$51,600 to take the total to a
princely US$191,200. Last years
leader pharmaceuticals is second
(US$100,350 salary and US$22,700
bonus), and construction and
property is third (US$97,200 and
US$8,290).
Financial services is in fifth place
with an average salary and bonus
of US$107,450 while consulting
and professional services firms
offer US$104,200. It must be taken
into account, however, that many
smaller boutique consultancies
have entered the fray this year,
which will have a consequence on
consulting salary levels though
it does mean that opportunities
are on the up in the sector.
But the conclusion is clear: once
more the financial value of the
MBA has been confirmed if it
was ever in doubt. Perhaps the
most illuminating statistic is
the report is this the average
post-MBA salary of US$91,000
in the US & Canada and Western
Europe, for candidates with only
three years of work experience on
average, is three times that of an
undergraduate entering the job
market for the first time. Figures
which speak for themselves.
For detailed regional analysis,
including the highest paying
schools in each regions, read the
full report by clicking the link
below.
QS Global Workplace Career eGuide 21
In terms of salary, the 2013/14 editions of these reports yielded some interesting findings. The Jobs & Salary Trends Report revealed that MBA salary and bonus levels were on the up, with employers in every region except Central/Eastern Europe, compensating their hires more generously when salaries and bonuses were taken into account (salaries in the US & Canada dropped slightly, but this was offset by increased average bonus levels).
However, the Applicant
Survey showed that the salary
expectations of MBA applicants
have largely gone done, with
every region except Western
Europe in which the rise in
salary expectations can be
fairly described as nominal. So,
strangely, MBA salary levels and
salary expectations seem to be
heading in opposite directions.
Salary expectations vs. reality
However, the story is not that
simple. While salary expectations
have dropped, the average global
figure is still high, at US$113,000
down from US$126,500 the
previous year. It should also be
noted the latter figure is a record
high, as MBA applicants regained
confidence after the recession, so
any drop from this figure must be
taken with a pinch of salt.
This years average figure is
still higher than the average
compensation levels on offer in
any region, according to the Jobs &
Salary Trends Report. The highest
average MBA salary is offered by
employers in the US & Canada,
MBA Salary:Expectations vs. Reality
QS produces several pieces of annual MBA research, among which are the QS TopMBA.com Applicant Survey, which looks at the expectations, ambitions and demographics of MBA applicants, and the Qs TopMBA.com Jobs & Salary Trends Report, which as the name suggests, surveys actively hiring MBA employers to identify the latest trends in MBA salary levels and hiring.
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22 QS Global Workplace Career eGuide
who pay a combined salary and
bonus of US$109,191.
Of course, this varies by industry.
In the US & Canada and Western
Europe the average bonus
and salary for those working
in the metals/mining sector
stands at US$191,200 and in
pharmaceuticals, at US$123,050.
However, consulting salaries
stand at US$89,150 with a bonus
of US$15,050 taking the total to
US$104,200 (it must be noted
that top firms will offer more). In
financial services, the equivalent
is US$107,450 (US$95,350 and
US$12,100). So, it seems that MBA
applicants salary expectations are
still generally high.
It is worth considering the figures
by region too. Though many
MBA applicants do not intend
to work in their home region
wanting to work in a country is
an increasingly important factor
in business school choice, the
Applicant Survey reveals many
do. Salary expectations will also be
shaped by local MBA salary levels.
Almost across the board, we can
see that expectations exceed
reality. The research does not
reveal the target industries of
these applicants by region, but it
is clear that the headline grabbing
salaries on offer in lucrative fields
like consulting and financial
services have obviously permeated
the consciousness of MBA
applicants.
Latin America the bottom region
in terms of MBA salary is the only
region in which actual salaries
outrank expectations.
MBA Return on
0 US$30,000 US$60,000 US$90,000 US$120,000 US$150,000
Africa / Middle East
Asia Pacic
Central / Eastern Europe
Western Europe
Latin America
US & Canada
Average salary and bonus (2013/14 QS TopMBA.com Jobs & Salary Trends Report)Average target salary (2013 QS TopMBA.com Applicant Survey)
76,457 94,000
85,076 104,000
72,109 128,000
105,901 128,000
72,234 70,000
109,191 145,000
QS Global Workplace Career eGuide 23
| Editorial
investment
Though in many quarters
expectations are not being met, the
MBA remains one of the worlds
leading qualifications in terms of
return on investment, says Nunzio
Quacquarelli, managing director of
QS and author of the report.
On average, MBA applicants are
earning in the region of US$40,000.
If we take the tuition fees of a
two year program in the US to be
around US$100,000, and take into
consideration the opportunity cost
of two years foregone salary and
the added investment in books
and accommodation, [we can
then weigh these up against post
MBA compensation]. The average
in the US is about US$110,000
and the equivalent in Europe is
US$105,000. Now, if you imagine
that youre a 28 year-old and youre
going to be working for another 25
years, with your salary growing
at an average compound rate of
7% per annum. After three and
half years youre going to be in
the black. The net present value
on your investment of US$100,000
is probably going to be US$2 or 3
million over your working life.
The opportunity cost of a one year
program, he adds, is even lower,
with a payback period of closer to
two and half years. So the return
on investment, for someone who is
starting from an average salary level
cannot be denied. Of course, other
factors come into play industry
sector, the prestige of the school
attended, personal issues but one
is certainly equipped to do better.
But this focus on whether very
high MBA salary levels are meeting
slightly higher salary expectations
is perhaps oversimplifying
the matter. The MBA return on
investment is about much more
than just salary figures.
Many a candidate, for example,
will want to change careers 43%
of respondents to the Applicant
Survey cited this as their reason
for doing an MBA. The MBA is a
very flexible qualification so its
very good for career changes,
reflects Quacquarelli adding that
it can also be good for those who
are looking to change function
or geography, or a combination
of the three. He adds a word of
caution, though. If theyre looking
to change geography, location and
industry, that might be a step too
far. But, the MBA has proven to be
a very successful qualification for
career changes.
And then there are the other
benefits of the MBA cited by
applicants learning new skills,
network building or just the
possession of a new skill set
and knowledge that cannot be
quantified. So while there may still
be a gap between target and actual
salaries, and its worth reiterating
that the latter are still desirable,
the fact is the MBA still pays.
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24 QS Global Workplace Career eGuide
The growth seen in this years report is in line with the average growth rate of 15% reported since QS research into MBA jobs and salaries began in 1990. There have been peaks and troughs since; declines in 2009 and 2010 standing as the most significant examples of the latter, though the 36% rise since in 2011 heralded a new age of growth, as confidence in economic recovery took hold.
But if theres one takeaway from
the events of the past few years,
its that we can never take for
granted that things will remain
as they were. So, QS research
attempts, as far as is possible, to
get an idea of what we can expect
from the future by asking the
employers on whose responses the
report is based about their future
hiring plans.
So, what does 2014 hold?
US & Canada and Western Europe: Economic recovery inspires growth
For the two most economically
powerful regions of the world, the
past few years have been relatively
slow in the terms of MBA jobs. The
2013/14 report indicates a modest
2% growth in the US & Canada, and
an even smaller 1% for Western
Europe.
But it seems like 2014 might be
the year that this changes, as
the shoots of economic recovery
begin to bear fruit. In the US &
Canada, growth rates of 16% are
forecasted, and though Western
Europes figure of 6% may be
more modest, it is at a positive
indication of things to come as
well as significant improvement in
itself.
MBA Jobs:What Does 2014 Hold?
A 14% global rise in the number of MBA jobs across the globe and nearly across the board on improvements in salary and bonus levels will make the 2013/14 QS TopMBA.com Jobs & Salary Trends Report a pleasing read for those with a stake in the world of business education.
QS Global Workplace Career eGuide 25
| Editorial
In the US, growth has been slow
due to a slow and uncertain
economic recovery. However,
that looks set to change, with the
stabilization of financial services
and the booming technology sector
driving growth, as well as recovery
in some manufacturing industries.
New companies and those only
just beginning to look to MBAs will
also continue to play a part.
In Western Europe the picture
is as multifaceted as you would
expect from this diverse continent.
Germany remains a powerhouse,
as does Scandinavia, while Italy
driven by a notably strong
performance by the automotive
sector is this years surprise
package. A resurgent financial
services industry in London
also means the UK continues to
perform.
However, Spain, Greece and Ireland
are still struggling, with growth
either remaining flat or declining.
Asia and Eastern Europe engine rooms of MBA jobs growth in 2014
With 20% growth in MBA jobs
over the past year, Asia is really
the standout region in this years
report. We can expect more of the
same next year, with a massive 38%
growth forecasted for 2014. India
and China, perhaps predictably,
will be driving growth as
employers continue to embrace the
qualification. The former overtook
the US as the worlds biggest hirer
of new MBAs in 2011, and the latter
jumped to third place.
Consulting, manufacturing, IT/
computer services, finance and
micro-finance were the industries
which drove growth in Asia.
Eastern Europe has had a quieter
year, with 6% growth in MBA jobs.
However, in 2014 the figure is
predicted to rise to a gargantuan
34%. The automotive, engineering
and consultancy sectors in Poland,
Romania and the Czech Republic
are predicted to drive this growth,
while Russia and Kazakhstan
are consistently strong markets
in terms of MBA hiring. While
economic recovery and the
consequent growth in MBA jobs
may seem a long way off in many
countries, in Russia demand has
remained strong, thanks to an
energy boom and an expansion of
the financial services industry.
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26 QS Global Workplace Career eGuide
try to utilize MBA talent in order
to internationalize. 9% growth is
forecasted for 2014.
MBA jobs by sector
As predicted in last years
report, consulting was one the
hottest sectors this year, with
11% growth in MBA jobs. This
is predicted to slow to 4% next
year however, with the emphasis
shifting to smaller boutique
firms. Technology, which also
grew by 11%, is similarly set to
slow in 2014, with 5% growth
predicted.
The industry sectors predicted to
grow most in 2014 are law (43%),
energy (14%), FMCG (13%), and
financial services (11%). The last
of these remains by far the biggest
sector for MBA hiring, accounting
for 24% of MBA jobs, while the
other three sectors are relatively
small hirers of MBAs.
The most negative forecast is
for aerospace/defence MBA jobs,
which are set to decline by 1%,
while no growth is forecasted in
metals/mining as the global boom
comes to an end. Only 1% growth is
predicted in the pharmaceuticals
industry, which only saw 2%
growth this year. However, this
represents a continuing recovery
in this industry so this cannot be
read too negatively.
So, provided nothing dramatic
occurs in the interim, it seems that
2014 will be an extremely positive
year for MBAs, as the economic
recovery continues and more and
more employers across the world
come to see the value of the MBA.
Middle East and Africa
The Middle East & Africa
continues to enjoy strident growth
in demand, with 8% growth
complementing last years figure
of 21% as economic recovery in
Saudi Arabia and the United Arab
Emirates continues. The overall
figures remain low; though with
13% growth forecasted in 2014,
there may come a time when this
is different.
Latin America
Latin America has also seen
growth shift to a sustainable 6%
after last years headline increase
of 14%. Mexico in which many
US manufacturing operations
are based and Brazil are the
key countries in terms of MBA
jobs. Growth is spread across the
continent however, as companies
QS Global Workplace Career eGuide 27
| Editorial
United States of America
Home to the first business school,
The Wharton School (of the
University of Pennsylvania), the US
has dominated the international
business education sphere for
over a century. While other regions
around the globe have also
established both a presence and
a reputation for business school
education, nowhere has been able
to compete with the US as a study
destination for the ambitious MBA
candidate.
Indeed, as figures from the 2013
QS TopMBA.com Applicant Survey
reveal, 65% of MBA candidates
state the US is their preferred
study destination for pursuing
this prestigious business school
degree.
All students who come to study
from outside the US are required
to hold an F1 student visa. For
those who wish to work in the
US upon completion of their MBA
degree on a short-term basis, their
F1 status can be used to apply
for optional practical training
(OPT). This must be done with the
US Citizenship and Immigration
Services. A short-term visa allows
the MBA student to work in the US
for a period of up to 12 months
following graduation.
However, for many MBA students
(66% in fact according to the QS
Applicant Survey), improving
career prospects is a significant
motivating factor for pursuing an
MBA, and where better to fulfil
these career prospects than in the
US?
To work in the US longer than 12
months after graduating, MBA
students need to find an employer
who is willing to sponsor them for
a work visa. This will usually be
an H1B visa. This will allow the
graduate to work in the US for up
to three years with the option to
renew for a further three.
United Kingdom
The UK has always been a hub for
business, finance, industry, and
innovation which makes it an ideal
destination, not only for the MBA
candidate but the MBA graduate
as well. UK business schools
place strong emphasis on their
connections with employers which
creates long reaching benefits for
business school graduates.
However, as is the case with any
country, for those candidates
who wish to stay on and work
post-study, visas are required.
The good news is there are two
potential options for non-EU MBA
graduates.
The first is the Tier 1 graduate
entrepreneur visa. This category
allows non-European MBA and
other graduates to extend their
stay after graduate to establish
one or more businesses in the
UK. In the current year (6 April
2013 to 5 April 2014), 2,000
places are available under this
category. Of these 2,000 places,
half are allocated to qualifying
Higher Education Institutions for
Post-Study Work Visasfor MBA students
According to the 2013 QS TopMBA.com Applicant Survey, 51% of business school candidates now choose their study destination based on where they would like to work post-MBA. But being able to stay on in their preferred study destination requires a post-study work (PSW) visa. Ann Graham looks at the rules and regulations surrounding PSW visas in ten of the worlds most popular study destinations.
| Editorial|
28 QS Global Workplace Career eGuide
MBA graduates, known as MBA
endorsements (i).
The second is the Tier 2 (General)
visa. The UK Home Office states
this visa is for foreign nationals
who have been offered a skilled
job to fill a gap in the workforce
that cannot be filled by a settled
worker. In the current year (6
April 2013 to 5 April 2014), 20,700
places are allocated for skilled
workers who are employed in jobs
with an annual salary of less than
152,100. There is no limit for
skilled workers with an annual
salary above this figure (ii).
Both visas are part of the points-
based system.
Canada
Canadas business education
sector can often be lumped with
its neighbor under the North
American umbrella but the
countrys business schools have
made the effort to ensure their
MBA offerings dont go unnoticed
by motivated candidates and its
paying off.
According to the QS Applicant
Survey, MBA candidates are now
considering a far greater range of
study destinations, with Canada
and Australia more popular than
ever before. Figures show that in
2013, Canada was the third most
preferred MBA study destination
behind the US and UK. This is
compared to 2009 when it ranked
sixth. Whats more, Canada as
a study destination appeals to
candidates across the board, from
Western Europe (12.8%) to Latin
America (30.3%).
Canada has added to its appeal
by making changes to its Post-
Graduate Work Permit Program.
Under the program, international
graduates can obtain a three year
open work permit, allowing them
to work for any Canadian employer
in any industry, so long as their
program of study is a minimum
of two years. Candidates do not
need to have a job at the time of
application, but they must apply
for a work permit within 90 days
of receiving written confirmation
that they have successfully
completed their program of study
(iii).
Australia
Australian higher education
institutions are quickly making
their presence known in the
world of business education. In
the 2013/2014 QS TopMBA Global
200 Business Schools Report,
11 Australian universities were
ranked, with Melbourne Business
School leading the way at place
number three in the Asia Pacific
region.
Australia, along with Canada,
has also grown in popularity
as an MBA study destination
over recent years. Furthermore,
international recognition of
qualifications, cultural interest
and lifestyle, and the appeal of
post-study employment are the
three top reasons for a preferred
MBA study destination according
to the QS Applicant Survey, which
indicates Australia could offer the
full package of work, study and
lifestyle opportunities for many
MBA candidates.
While studying, an international
MBA student is allowed to work
up to 20 hours per week when the
course is in session. These hours
are unrestricted during recognised
vacation periods. Post-MBA, those
graduates whose program lasts
for at least 92 weeks qualify for a
PSW visa which lasts two years.
Students do not need to have a job
offer before applying for this visa.
QS Global Workplace Career eGuide 29
Singapore
Asias growth and development
in all things business has been a
source of much intrigue for the
rest of the world over the last ten
years or so and the region shows
no sign of resting on its laurels.
A product of this growth and
development has been the surge
in business education offerings in
the region with Singapore leading
the way.
Results from the QS Applicant
Survey have Singapore as the
most preferred Asian study
destination for MBA candidates
and the seventh most preferred
overall. While the majority of this
interest comes from within Asia
itself (28%), candidates in Western
Europe (11%) and to a lesser extent
Eastern Europe (7.5%) are also
seriously considering Singapore
as their MBA study destination.
This, in part, is because of the
employment opportunities
Singapore has for the MBA
student, post-graduation. To
stay on and work in Singapore,
students must secure a job before
applying for their work visa. Once
a job is secured, the student will
be issued with an Employment
Pass (EP). This is sponsored by
their employer.
Germany
The proportion of candidates in
Western Europe interested in
studying an MBA in Germany is
on the rise significantly. Figures
from the QS Applicant Survey show
that in 2013, 22.3% of respondents
favored Germany as their preferred
study destination, up from 6.3%.
Yet, Germanys appeal extends
further with 28.3% of Eastern
European respondents choosing
Germany as their preferred MBA
study destination, alongside 19.3%
of Latin American respondents
and 17.8% of respondents from the
Asia-Pacific region.
Germany has an established
reputation as a relatively stable
country, both politically and
economically, which adds to
its appeal as a post-MBA study
destination, particularly given
the ease with which post-study
visas can be processed. Following
graduation, students can extend
their general residence permit to
enable them to stay in Germany
for up to 18 months. This gives
them the opportunity to search
for employment. Once they have
secured a job with an annual
salary greater than 40,000, they
can stay on indefinitely.
Hong Kong and Mainland China
Much like their Asian counterpart,
Singapore, both Hong Kong
and mainland China have come
on in leaps and bounds with
their educational offerings to
business school candidates.
While partnerships with Western
business schools have helped to
cement their place in the world of
business education, much of the
credit can go to Hong Kong and
Chinese universities themselves.
In the QS Global 200 Business
Schools Report, Chinas Peking
University is ranked in the top
ten in the Asia-Pacific region,
while China Europe International
Business School (CEIBS) and the
Hong Kong University of Science
and Technology (HKUST) Business
School are ranked just outside at
places 11 and 12 respectively. A
further six schools from Hong
Kong and China are listed in the
top 200.
Given the growing influence of the
two countries on the global stage
its no wonder MBA candidates are
interested in working in the region
post-MBA. To stay and work in
Hong Kong after graduation, a
student must apply under the
Immigration Arrangements for
Non-local Graduates (IANG).
This is quota-free and non-sector
specific (iv).
To stay and work in mainland
China after graduation, students
will need to apply for a Z visa.
This is often much easier to have
approved if the course of study has
been completed in China. This visa
does, however, require graduates
to have an employment permit.
Applicants can obtain a permit
from the Ministry of Labour and
30 QS Global Workplace Career eGuide
Social Security in China or the
State Administration of Foreign
Experts Affairs (SAFEA).
France
France is the fourth most preferred
MBA study destination according
to the QS Applicant Survey and,
furthermore, appeals to business
school candidates from a wide
spectrum of nationalities. Figures
show France is most popular to
respondents from Eastern Europe
(40.6%), although it still appeals
to many respondents in Western
Europe (32.3%). However, its
attraction as a study destination
goes further afield with 27.9% of
respondents from Latin America
indicating France as their
preferred study destination and
22.8% of Asia-Pacific respondents
saying the same thing.
Campus France [www.
campusfrance.org], the national
agency which promotes higher
education, international student
services and international mobility,
explains that students from
member countries of the EU may
work in France without restriction
after they graduate. Students from
other parts of the world who have
earned at least a masters degree or
the equivalent may apply for a one-
time (non-renewable) temporary
residency authorization (APS)
valid for 12 months beyond the
date of expiration of the students
residency permit. The authorization
enables the student to work at
any job up to the limit of 60% of
the official work week (just over
half-time employment). Students
who obtain a job related to their
academic program at a rate of
compensation equal to at least 1.5
times the national minimum wage
may enter full-time employment by
filing a request for change of status
(from student to employee) at their
prefecture (v).
Switzerland
Home to some of the worlds top
business schools, its no wonder
Switzerland is placed in the top ten
of preferred MBA study destinations
by candidates in the QS Applicant
Survey. Whats more, these
candidates come from all corners of
the globe: 11.6% of candidates from
Africa and the Middle East indicated
they were interested in studying an
MBA in Switzerland, while 14.5%
of Asia-Pacific respondents also
identified the European country as
a destination they would consider
for MBA studies, a similar number
to 15.9% of respondents from Latin
America. However, the bulk of
candidates interested in pursuing
their MBA in Switzerland come from
Eastern Europe (30.7%) and Western
Europe (20.9%).
While Switzerland may have some
of the worlds top business schools
at which candidates can study their
MBA degree, its not the easiest of
countries to stay post-study. That
said, there are still opportunities
to do so. Candidates, known as
third country nationals, who have
studied at a Swiss higher education
institution are eligible to stay on in
Switzerland for six months post-
graduation to look for employment,
thus having the opportunity to
implement their MBA studies into
the real world environment.
Notice: All of the information contained in this article is believed to be correct at the time of going to press, however visa rules are complicated within any country. The information contained in this article should in no way be considered a substitute for conducting your own research. While the author, the people quoted in this article, and QS Quacquarelli Symonds have provided this information with the best of intentions, all parties consider it a
necessity for MBA applicants to conduct their own research regarding the topics discussed.
(i) http://www.ukba.homeoffice.gov.uk/visas-immigration/working/tier1/graduate-entrepreneur/(ii) http://www.ukba.homeoffice.gov.uk/visas-immigration/working/tier2/general/(iii) http://www.canadavisa.com/post-graduation-work-permit-program.html(iv) http://www.immd.gov.hk/en/services/hk-visas/professional-employment/guidebook.html(v) http://www.campusfrance.org/en/page/working-after-graduation
QS Global Workplace Career eGuide 31
It is almost a truism to say that working in financial services lost some of its allure in the post-crash landscape. Indeed, banking became and remains to some something of a dirty word. Untrammeled arrogance from the likes of Dick Fuld and his Lehman Brothers colleagues in the face of impending disaster, despite warnings, did precious little for the sectors reputation.
However, reputations can recover.
Take Martin Scorseses box office
dominating The Wolf of Wall Street.
Much like Oliver Stones Wall
Street, despite showing the darker
side of the industry, it is not the
moral message which captures the
imagination, but the glamour.
Of course, the Machiavellian
antiheroes depicted in these
films would not be tolerated in an
industry which has learned from
its mistakes. In the real-world, it is
figures like Barclays chief executive
Anthony Jenkins who are rising to
prominence, insisting on adherence
to values and principles which
have little in common with Gordon
Gekkos greed is good mantra.
Meanwhile, Deutsche Bank CEO
Anshu Jain, reportedly requested
a US$2.6 million pay cut in 2013
and promised, along with co-CEO
Jrgen Fitschen, to transform their
banks corporate culture.
Jairaj Singh, a recruitment
consultant specializing in
investment banking & global
markets at Michael Page Hong
Kong, states that roles available
have shifted due, in part, to this new
paradigm. Risk and compliance
have been key areas of growth,
while corporate finance and M&A
teams have become leaner due to
cost cutting pressures.
He adds, There has been relatively
strong activity on the buy side, with
client attention focused on China;
multiple hedge funds, to which
much risk has been deleveraged,
and asset management firms have
made their presence felt.
Still a leading target sector
Those already working in the
sector are in no hurry to leave.
76.2% of respondents to the 2013
QS TopMBA.com Applicant Survey
already working within the sector
were seriously considering staying
put a retention rate matched
only by con